|

Showing Professionalism.

August 17, 2018 / Comments (0)

A long time ago I started sending the seller a letter advising them of who I use as a closing company, who I use as my escrow coordinator and ultimately sending them a thank you letter after the deal was closed.

What I learned immediately was that my seller financed deals increased tremendously.

Although I mainly make seller financing and subject to financing offers I also make offers of cash and credit. So on those deals where the seller didn’t opt for seller financing and chose cash or financing I found that after they received my opening escrow letter, coordinator letter and a letter from myself that a large percentage of the sellers changed their mind and elected to carry terms afterall.

What happened is that during the closing process they become aware of our professionalism which they were unaware of at the point of original offer. It is like they become family or at least became very comfortable with how I do business thus allowing them to answer the question of trust and security.

One of the “On Purpose” conversations my escrow coordinator will have with the sellers is to outline seller financing and the terms by which I buy using seller financing. More importantly how they can benefit from electing the seller finance option. A good percentage of the cash sellers will change the cash terms to financing terms after they become aware of how we do business.

Then a magical occurrence takes place at the time of sending them the beneficiary statement (request for payoff amount). They became so happy with the structure and terms of the note that they request to have the collateral exchanged and have the note secured by a different property so that they can keep their loan in place and not be paid off.

And those who are paid off become great resources for financing on other properties later.

All because I sent them an opening escrow letter and proved my professionalism.

Here is one of five letters I send during the purchase period. The remaining four will be on our Academy site.

 

{DATE}

{SELLERS NAME}

{ADDRESS}

{CITY} {STATE} {ZIP}

Hello, {SELLER}

My name is NAME, Transaction Manager for Company, the corporation who is purchasing your house.

I will be working closely with you during the process of buying your house and have found that constant communication is the best resource in accomplishing the task of at hand. If you have a question, concern or would like an update as to how things are progressing please do not hesitate to contact me.

To update you on the current status our escrow is with {ESCROW COMPANY}. The escrow officer is {ESCROW OFFICER} and their telephone number is {TELEPHONE NUMBER OF ESCROW}, I have included their business card for future reference. When you call escrow they will need the escrow number, which is {ESCROW NUMBER}.

Again, on behalf of all of us, here at Company, I want to personally thank you for placing your trust and confidence in our company.

Sincerely,

Name, Transaction Manager

Company

Last modified: September 5, 2018

Leave a Reply

Your email address will not be published. Required fields are marked *